Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude rises in Asia as Trump discloses steady course in Afghanistan
On Tuesday, oil added in Asia because Donald Trump rolled out a strategy for keeping American troops in Afghanistan after 16 years. However, he promised a tougher and also more pragmatic approach to supporting the authorities in Kabul and cooperating with partners such as Pakistan.
In New York, October delivery crude futures grew 0.19% trading at $47.62 a barrel. At the same time in London Brent futures added 0.14% being worth $51.73 a barrel.
The American Petroleum Institute is expected to issue its estimates of crude as well as refined product stocks for the previous week in America to be followed by Wednesday’s news from the Energy Information Administration. By the way, these figures are often seen diverged.
Market participants expected a 3.375 million barrels sag in crude stocks. They also hoped for a 300,000 barrels dip in gasoline inventories as well as a 38,000 barrels build in distillates.
Overnight, oil futures declined because market participants keep losing faith in OPEC’s capability to stem the glut supply amid an upcoming producers gathering to talk about waning compliance with the deal curb output.
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Once in a month, the euro has a very special day of increased volatility at the start of the European trading session.